As suggested, a mixed day

USD: Sep '26 is Up at 100.555.

Energies: Oct '26 Crude is Down at 90.73.

Financials: The Dec '26 30 Year T-Bond is Higher by 4 ticks and trading at 107.20.

Indices: The Sep '26 S&P 500 emini ES contract is 20 ticks Higher and trading at 7836.75.

Gold: The Dec'26 Gold contract is trading Down at 4353.46.

Initial conclusion

This is not a correlated market. The USD is Up and Crude is Down which is normal, and the 30-Year T-Bond is trading Higher.  The Financials should always correlate with the US dollar such that if the dollar is Higher, then the bonds should follow and vice-versa. The S&P is Higher and Crude is trading Lower which is correlated. Gold is trading Lower which is correlated with the US dollar trading Up.  I tend to believe that Gold has an inverse relationship with the US Dollar as when the US Dollar is down, Gold tends to rise in value and vice-versa. Think of it as a seesaw, when one goes Up the other goes Down.  All of Asia traded Mixed.    All of Europe is trading Mixed as well.  

Possible challenges to traders 

• Flash Manufacturing PMI is out at 9:45 AM EST.    Major.
• Flash Services PMI is out at 9:45 AM EST.    Major.
• FOMC Member Barr Speaks at 10:05 AM EST.    Major.
• Crude Oil Inventories at 10:30 AM EST.   Major.

We've elected to switch gears a bit and show correlation between the 2-year Treasury notes (ZT) and the S&P futures contract.  The YM contract is the Dow Jones Industrial Average, and the purpose is to show reverse correlation between the two instruments.  Remember it's likened to a seesaw, when up goes up the other should go down and vice versa.

Yesterday the ZT climbed Higher at around 8:30 AM EST with no real news pending.  The Dow dived Lower at around the same time.  Look at the charts below and you'll see a pattern for both assets. The ZT climbed Higher at around 8:30 AM EST and the Dow dived Lower around the same time.  These charts represent the newest version of Bar Charts, and I've changed the timeframe to a 15-minute chart to display better.  This represented a Long opportunity on the 2-year note, as a trader you could have netted about 12 ticks per contract on this trade.  Each tick is worth $6.25.  Please note: the front month for the ZT is now Dec '26.  I've changed the format to filled Candlesticks (not hollow) such that it may be more apparent and visible.

Charts courtesy of barcharts

Bias

Yesterday our bias was Mixed and the markets didn't disappoint.  The Dow closed Lower by 200 points, but the other indices gained ground.   Today our bias will remain Mixed or Neutral.

Could this change? Of Course. Remember anything can happen in a volatile market.

Commentary

As the saying goes " what comes up must come down" and yesterday the Dow that yesterday.  The Dow climbed Higher by 200 points but the other indices faltered.